How cool! I stumbled across a website that rates the walkability of a particular address: www.Walkscore.com
It uses an algorythm to assign points based on how close various types of amenities (e.g., grocery stores, restaurants, schools, parks, etc.) are to the address. If the amenity is less than .25 miles from the address, it scores the maximum points, and the address gets less points if the desired location is further. No points are given for amenities further than one mile away.
Many homebuyers and renters are interested in finding and living in walkable neighborhoods, as boost to their own health and the health of the environment. According to Walkscore.com, studies have shown that people living in pedestrian-friendly neighborhood weigh less than those who don't. The cost and environmental savings of walking over using a car are readily apparent, but there are also social benefits of a pedestrian friendly hood --- when you are always in a car, you miss a lot of the day to day interaction with your neighbors that you may have if walking the same distance. Walking also can help strengthen local businesses who thrive on foot traffic.
The website rated the Top 10 US Neighborhoods for walking. Not too many suprises here:
San Francisco, CA
New York, NY
Boston, MA
Chicago, IL
Philadelphia, PA
Seattle, WA
Washington D.C.
Long Beach, CA
Los Angeles, CA
Portland, OR
How does Hawaii stack up? Well, I tried a few addresses in Neighborhoods that I know to be fairly walkable, to see how it worked:
Waikiki scored 86/100 "Very Walkable" using the address 2465 Kuhio Street, Honolulu, HI Kaimuki scored 91/100 "Walker's Paradise" using the address 1043 6th Ave, Honolulu, HI Kahala scored 48/52 "Car-Dependent" using the address 4742 Kahala Ave, Honolulu, HI Kahala scored 75/100 "Very Walkable" using the address 1030 Pueo St, Honolulu, HI Portlock/Hawaii Kai scored 66/100 "Somewhat Walkable" using the address 379 Portlock Rd, Honolulu, HI Kuulei Tract/Kailua scored 66/100 "Somewhat Walkable" using the address 157 Kuumele St, Kailua, HI Kuulei Tract/Kailua scored 83/100 "Very Walkable" using the address 96 S. Kainalu Dr, Kailua, HI Keolu Hills/Kailua scored 58/100 "Somehat Walkable" using the address 1032 Kina St, Kailua, HI Coconut Grove/Kailua scored 66/100 "Somewhat Walkable" using the address 422 Kihapai St, Kailua, HI
In Hawaii, I think it really depends more upon the exact address than the neighborhood, because using various addresses in the same neighborhood will yield different results. At any rate, it is a good resource for people moving to a new location or visiting somewhere they have not been before.
Great news for Hawaii REALTORS that handle distressed properties and for homeowners in the unfortunate situation of being behind in their payments and facing the risk of foreclosure! As of Wednesday May 20, Realtors are exempted from many of the provisions of the Mortgage Rescue Fraud Prevention Act of 2008. This is an enormous benefit to distressed homeowners who can now rely on the help of their real estate agent working with their lender to help them sell their home prior to foreclosure.
The Mortgage Rescue Fraud Prevention Act is a law enacted to help protect homeowners that are behind on their mortgage payments from unscrupulous people that attempt to take advantage of the homeowner's predicament by purchasing the home for less than it is worth or otherwise stealing the equity in the home.
The law defines a Distressed Property as one in which the homeowner is at least 60 days deliquent on his/her payments, or at least 90 days delinquent in the payment of taxes, association fees or other encumbrances, or meeting other similar criteria. It provides that a person doing certain tasks for the homeowner must enter into a Distressed Property Agreement with the homeowner and that that person would be considered a Distressed Property Consultant. The tasks covered include things such as helping to postpone foreclosure, negotiating with the homeowner's lender or other creditors, helping protect the homeowner's credit, and other tasks that help the homeowner and which, sometimes, may be handled by a realtor knowledgable in these areas.
The original Hawaii law was modeled after several other similar state laws. However, one of the main differences was that realtors were exempted from the law in other states. So, since Governor Lingle has now signed Act 66 of 2009 into law, Hawaii has now realized that including realtors within the definition of Distressed Property Consultants was not helping homeowners, but rather, hurting them, and has corrected these problems. While realtors still may not purchase a Distressed Property that they represented, during or within 365 days after their listing agreement has expired/is terminated, they may still do what it takes to really help the homeowner try to avoid foreclosure via negotiations with creditors and/or selling the property.
If you are behind or may become behind on your payments and are looking at selling, even if you owe more on your home than it is currently worth (a short sale), please do not hestiate to contact me. I will do what I can to help.
WOW! Is what you will say when you see the views from this expansive 2200 sq ft home situated right on the Mid-Pac Golf Course in Kailua. On a 10,000 square foot lot, this breezy 3 Bedroom, 2 Bath retreat also has an office, den, laundry room, and enlarged Master Suite with dressing room. And the chef in your family will love that the kitchen has a gas stove! Catch a sneak preview of this great home at my OPEN HOUSE 2-5 this Sunday, May 28th!
Please note: This is a short sale and we have just done a 100K price reduction, to sell it quick! The bank has already approved the price of 850K with another offer, so buyers will not have long to wait for approval, at this price. This home's tax assessed value is over $1.2M. Act fast before it's gone.
This home is on Iana Street in the much desired Iana Corridor section of Enchanted Lake. If you are not familiar with this street, it is a long cul-de-sac, very quiet and private. Most homes are either waterfront backing to the Kaelepulu Stream or with Golf Course frontage, like this one, backing to the Mid-Pac Golf Course in Lanikai. This area is closer to the ocean and the large open section of the Kaelepulu Stream. Here, the ocean is a straight shot less than a mile over the golf course, so this area takes advantage of the amazing, cooling island tradewinds.
Watch the President play golf from your backyard!
Professionally landscaped yard, with sprinkler system and landscape lighting.
Back view of the home. Relax under this shady tree in this huge yard, sized for a pool and more!
Another view of the beautifully landscaped yard that opens wide up to the Mid-Pac Golf Course allowing for amazing, expansive views!
The Den/Music Lounge opens up to this brick patio area on the large side yard. The perfect place for grilling or margaritas! The other side yard has space large enough for a boat!
Beautiful Mid-Pac Golf Course views from your family room.
More views of the golf course from the Den/Music room. This home also has a separate dining area and an office.
Spacious kitchen with bay window for plants and wood flooring. Lots of other storage too that is not seen in this photo. Off the kitchen is a separate laundry/utility room and an office.
Spacious formal living room, opens to kitchen, dining and family room.
As a bonus, both the living room and family room have lots of built-in cabinetry and shelving.
The master suite in this home includes a large partially remodeled master bath, a large dressing room with double closets and a large master bedroom.
For showings please call Yvonne at 808-721-8088 - Aloha!
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Great advice from a Realtor in an area of the country that has been hit hard. We are seeing some short sales over here too and his advice is valuable. Thanks, James, for the post!
Over the course of the last week I've had the chance to read a large number of blogs and Realtor posts regarding short sales. I can't imagine there is another subject with a wider degree of opinion! There is so much information, both good and bad, it is easy to see how consumers and Realtors alike are easily confused.
I have been a licensed Broker since 1995, but for nearly 20 years I have been principally engaged in the lending side of the business. During that time I have helped hundreds of consumers negotiate short payoffs of private and institutional loans, obtain prepayment penalty waivers, perform rate modifications on existing loans and assist with lien payoff resolutions including IRS tax liens.
Short sales and loan modifications are nothing new.
What has changed is the sheer volume of consumers who are upside down on their homes and the complexity of the mortgages they hold. This has created a tremendous market for short sale "experts" and loan modification "specialists" who offer services to desperate homeowners. And it's created a log jam at loan servicing departments with overwhelmed loss mitigation units processing inordinate numbers of applications. Of course, compounding the problem is this crazy financial services environment where the major servicers (retail banks) are incapable of adequately staffing temporary loss mitigation departments due to their financial condition. Oh, and don't forget the hideous maze of ownership rights to modern mortgages; many of whom have been sliced and diced from mortgage pools into CDOs with no clear owner, and a servicer with no vested interest in the loan itself. Fun Stuff!
Yet in spite of this there are plenty of local Realtors and Loan Modification Companies touting themselves as short sale experts with the ability to make the process "easy," "simple" or "fast."
Uh huh.
Short sale situations are as varied as the stars in the sky. Every consumer's situation is different and there is no single cookie cutter/template that will work for everyone. With that in mind here is my best attempt to provide some general guidance to homeowners or Realtors seeking to sell a home for less than is owed on the mortgage(s).
Bit of Advice #1. Get to the right people the first time around.
Mortgage ownership and servicing rights change hands at an ever more rapid pace. It is important to know WHO owns your mortgage and WHAT department handles short payoff approvals.
If you aren't sure of who owns the mortgage, perform a free search through the MERS (Mortgage Electronic Registration System) website: https://www.mers-servicerid.org/sis/ MERS is a national registration system for mortgage loans and nearly all institutional loans are registered with them.
Once you have determined who the correct servicer/owner of your mortgage is, then you need to identify which department handles short sale approvals. Do not contact the general toll free number listed on a mortgage statement or website unless you want to spend lots of time listening to "sold on hold" messages while being bounced from person to person. I generally "Google" the specific company department I am looking for if I cannot find it in my own rolodex. There are a few free public lists of Loss Mitigation Departments that you might also try. Here is one I recently found: http://iamfacingforeclosure.com/blog/loss-mitigation-phone-numbers/
Once you contact the appropriate Loss Mitigation department make sure to get a detailed list of their requirements, including any company specific forms they require. Do not use a cookie cutter template provided by some 3rd party.
Note: If you are dealing with multiple institutional mortgages on a single property then - in my opinion - you are trying to do the impossible. However, you can get short sale approvals done when the 1st & 2nd mortgages are owned by the same company. Many lenders now have "Co-Loss Mitigation" Units that workout settlements on multiple loans simultaneously. I recently completed a short sale in Southern California with Wells Fargo by working with a group specifically setup to negotiate on behalf of Wells Fargo Mortgage (1sts) and Wells Fargo Home Equity (2nds).
Bit of Advice #2: Hardship, smardship. You have a sad story, boo hoo hoo. Now what's in it for us?
If you scan the internet you will find hundreds of samples for short sale hardship letters. Too often they focus on the borrower's reasons for needing a short sale and not the bank's reasons for accepting the short payoff. It is ok to spell out hardship but FOCUS ON THE REASONS WHY THE BANK SHOULD ACCEPT YOUR PETITION. The bank only cares about getting the maximum amount of money, in the shortest amount of time. Anything you can point out to that effect should be at the heart of your letter and application.
And be as detailed and accurate as possible. You will need an estimated HUD-1 that is spot on. And if you are looking for a pre-approval, or if you can't get the numbers to be deadly accurate, then make sure to add a minor level of padding to allow yourself some wiggle room with negotiations. Remember that the Loss Mitigator is also looking for some sort of "win" and, as it is with your clients, it's much better to under-promise and over-deliver. Besides, if the deal ends up short to close guess where the extra money is likely going to come from??? It isn't going to be from the lender whose agreed to take tens (or hundreds) of thousands less on their loan!
The key here is that you want to give the Loss Mitigation Officer as many reasons as possible to approve the short sale. Which leads me to my next piece of advice...
Bit of Advice #3. Know who you are dealing with.
Imagine yourself working in a temporary/contract $40,000 year job, sitting in a cubicle farm surrounded by hundreds (if not thousands) of other collection professionals. Your daily work life resembles a Dilbert cartoon with stacks of files on your desk that stretch to the ceiling. Pinned to the punchboards on your cubicle walls are "Matrices" of loss mitigation guidelines which spell out what you must review and what you are permitted to approve. Your phone rings incessantly and you have 14 new voicemail messages, each from some histerical Realtor or homeowner wondering when their application will be approved. You can barely go to the bathroom without someone's permission let alone approve an exception from the "greater of 80% payoff or 100% of bank AVM" rule in your region. Those exceptions require the written approval of a Loss Mitigation Officer II-A and you have only been with the bank 6 months...
Do you really want to harass this guy? You think he really wants to take your call? Bother him too much and my guess is your short sale application will be placed in the "cylinder filing cabinet."
Instead, be nice. Don't call and harass anyone. Get an e-mail address. Nearly all of the banks have a generic e-mail string like john.doe@bankofamerica.com. Send him polite update requests every few days that he can respond to at his leisure. Keep him apprised of any market conditions regarding the subject property that might hasten his decision. Remind him of important milestones in the purchase contract. Offer to bake him cookies. Whatever it takes (within legal limits) to keep him engaged with you and your file.
Last Bit of Advice (For Realtors Only): Own the process.
I live and work in the West Valley of Phoenix and there is hardly a home seller here who is not upside down. I know a lot of Realtors who choose to avoid short sale listings altogether because of the time and energy they take. Others choose to use 3rd party vendors and leave it up to someone else to do most of the work. While I would never advocate that Realtors spin their wheels and work for free, I do believe that we all have some degree of responsibility to the markets and communities we serve. And remember, the more short sales we close, the fewer foreclosures there will be, the greater the number of qualified buyers that will exist in the future, and the faster we will return to a period of home value appreciation.
There's my 2 cents. My sympathies to the millions of homeowners in this country who are upside down on their home through no fault of your own. I wish you the best of luck.
Wish I had ten dollars for each time I've been asked by my buyer clients and friends to explain options they might have in purchasing short sales or foreclosures, and to explain the notations they see on the MLS regarding various property types. Listing clients, as well, are starting to come to me with similar questions regarding various options to sell their home in the current market.
Hawaii has one of the lowest foreclosure rates in the nation, but recently one of the highest rates of increase in foreclosures. As usual, we in Hawaii are behind the curve and Buyers and Sellers in many places on the mainland have been going through what we in Hawaii are just now starting to go through. And our property values, while not having suffered like those on hte mainland, are down, as well to about 2005 levels. So I will clarify here, for the Hawaiian readers who may not have seen as many of these, four different property types that will come up now and again, amidst the regular Hawaii homes for sale:
(1) short sales (2) distressed properties (3) foreclosures and (4) REO homes.
First, Short Sales. A short sale is the sale of a home where the sale price agreed upon by buyer and seller (and any involved lenders) is less than the costs of the sale. For example, where a home is sold for $750K and $780K is owed between a first and second mortgage, plus other costs of sale like closing costs, realtor fees, etc, and the seller does not come up with the extra cash toward the price and costs. This is a short sale. A home subject to short sale may or may not be distressed or in foreclosure at the time of the sale. The owners of a short sale property may, in many cases, be current on all the payments. All short sales must be approved by the mortgage holders.
Buyers making offers on short sales should beware that it may take several weeks to months to get an answer from the bank as to whether their offer is acceptable. And the banks may not be very flexible as to terms. Many banks also will not negotiate back and forth, so if the bank rejects an offer, the buyers have to either try again or move on. Not all banks have similar procedures or requirements for short sales. In fact, they are all over the board on these. Short sales are becoming increasingly common in Hawaii and tend to affect those that bought or refinanced in 2005 & 2006, at the height of the market, or in the past few years, especially if they used a VA or other low downpayment loan.
Sellers of Short Sale properties will generally take a hit on their credit scores, as a result of the short sale, particularly when they have payments in arrears (I have read, approximately 80-100 pts or so). However, the effect is less extreme than a foreclosure, which apparently costs the homeowner 200-300 pts on his or her credit score. Short sales will remain on a seller's credit report for approximately 3 years and may hurt their ability to purchase another home for 18 months or more.
To help preserve a seller's credit, it is important to try to negotiate with the bank that any shortfall between the amount owed by the seller and the purchase price be forgiven (if the seller is unable to pay), and that the notation on the seller's credit as to the loan balance indicate "paid as agreed upon." It used to be that any shortfall forgiven to the seller of property by the lender would be considered taxable income to the seller (via 1099). The Mortgage Debt Relief Act of 2007 changed this and now many homewoners with debt forgiven through a short sale or a loan modification will not be taxed on these amounts. Certain conditions, such as having the property as your principal residence, do apply. If the MDRA does not apply to you, there may be other provisions under which your forgiven debt may not be considered taxable income - for example, if you are deemed "insolvent." Please check with your tax experts to see how this may affect you. Not all shortfalls will be forgiven by the bank, however, particulalry when the seller has considerable other assets or earning potential enabling them to repay the bank using a payment plan.
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In their efforts to stimulate the economy, the Feds are offering up to an $8,000 tax credit to first-time homebuyers who purchase a home in the 2009 calendar year. Here are some details:
To qualify as a first-time homebuyer, neither the buyer or the buyer's spouse may have owned a home that was used as a primary residence in the past 3 years. It does not need to be your truly first home, however. And you may have owned rental properties in the past three years, so long as none were used as you or your spouse's primary residence. The IRS provides an explanation and various scenarios that help provide guidance on whether one qualifies as a first-time homebuyer.
The credit may be used for any type of residential property in the U.S. -- single-family homes, condos, co-ops, etc, but the property must be owner-occupied and used as the primary residence, usually for at least 51% of the year. So, the credit may not be claimed for the purchase of unimproved land. Certain houseboats and manufactured homes may qualify, but duplexes, unless wholly owner-occupied probably would not qualify.
There is an income limitation of $75,000 a single person (and $150,000 for married) for use of the full credit amount. Above this income, the credit is smaller or phased-out entirely (at $95K/$170K).
If the home is sold within three years after purchase, the entire amount of the tax credit will be recaptured upon the sale.
There is also a cap on the amount of the credit of 10% of the value of the home purchased or $8,000, whichever is lower. So if the house is purchased for $70,000, the maximum tax credit claimed would be $7,000. (This would not be an issue in Hawaii!)
The terms of this tax benefit are similar to the up to $7,500 tax credit that was offered to purchasers of homes from April 2008 to the end of 2008. However, unlike the 2008 credit, it does not have to be repaid.
Also, it is a "refundable" credit. What this means is that if a purchaser's total tax liability is only $5000, the purchaser can still use the full credit and will received a refund of the difference between the credit and libaility. So, if entitled to an $8,000 credit, the purchaser in this scenario would get a $3,000 refund check in the mail.
Check with your tax accountant or other financial advisor, for further details and on how this tax credit specifically affects you and your situation. Happy Homebuying!
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Many Hawaii homeowners and realtors were dismayed last year when we heard about the new requirement for remodeling or tearing down properties 50 or more years old. Under this law, Act 228 of the 2008 Legislative Session, owners wishing to tear down or remodel such a structure, had to provide photographs of their property to the State Historic Preservation Division prior to being issued a building permit. There was no distinction made as to the condition or stuctural integrity of the building, or any other factor, other than age. On the East side of Oahu, this affected many, many people, as most homes here are at or rapidly approaching the age that would be covered under the law.
As you can imagine, many problems and criticisms arose from the law, including imposing an unfair burden on homeowners in getting and paying for these pictures and, of course, further delays in getting permits. This law was not meant to create a bottleneck, or even prevent destruction of historical properties, but rather just a way to preserve history through pictures. However, it made an already cumbersome permit process a bit more cumbersome.
Governor Lingle, has apparently agreed with the critics of Act 228, and effective April 14, 2009, repealed this law. She stated," Act 228 further impeded the issuance of building permits at a time when we should be doing all we can to facilitate construction activity in order to stimulate the economy and create jobs." Thank you, Governor Lingle, but I have to wonder -- why do some of these laws get passed in the first place?
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Thursdays are the days for Oahu Realtors Broker's Open in Kailua. I try to get out every week, so I can get a jump on the best deals for my clients who are looking to buy and to keep up to date with what is on the market.
My favorite home for this week is located just a few homes from famed Kailua Beach and has deeded beach access. What makes this home unique and my favorite this week are three things: (1) a HUGE lot, almost 13,000 sq ft - there is plenty of room for a pool and lots of grass, great kids yard or wonderful if you like to do a lot of entertaining (2) tropical, fun, bamboo/tiki style decor - well, this is not for everyone, but it certainly works well in this location, and (3) an open & breezy floorplan - many of the rooms open to the outside. Great for truly indoor/outdoor lifestyle like we have here in Kailua. The home has 4 bedrooms and 3 bathrooms. It is very unique in its use of bamboo on the walls and ceilings. I have never seen anything quite like it.
Living Area of Kailua Home for Sale. Wonderful, open floor plan. Note the liberal use of bamboo on the ceilings.
Dining Area, looking into remodeled kitchen.
Master bedroom, enhanced with unique bamboo garden wall, flows out to the spacious backyard.
A better look at the Master Bedroom's Bamboo Wall Decor - these photos really don't do it justice. There is a rock garden at the bottom that you can't see, and the background for the bamboo is a woven material. A faux bamboo forest.
This is what I call the TIKI Bedroom - You can't really see it, but the tikis flanking each side of the daybed light up from the inside. Note the elephant bamboo wainscoting behind the bed, and on the rest of the walls.
ROOM WITH A VIEW - Besides the intricate bamboo and thatch ceiling, and wainscoting, this room features a wall mural that looks a lot like Kailua Beach. This room also opens out to the gorgeous backyard.
Here is a look at the giant backyard. The home also has a 3 car garage and 4th bedroom. The yard faces the street and home is back on a private lane.
Funky, Fresh, Tropical - Is it for you? Please contact me if this property appeals to you and you would like to see this in person, Aloha - 808-721-8088. Listing courtsey of C21 All Islands.
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Yesterday, the Hawaii Legislature passed House Bill 1741 which (among many other things) aims to increase the conveyance taxes for purchasers of properties priced at $2 Million and more. If Governor Lingle signs this bill, conveyance taxes will go from the current tiered structure, for owner-occupied homes, ranging from 10 cents to 30 cents per 100 dollars in purchase price: OLD 10 cents per $100 - Property Price $0-$599,999 (15 cents for non-owner occupied) 20 cents per $100 - Property Price $600,000 - $999,999 (25 cents for non-owner occupied) 30 cents per $100 - Property Price $1M and up (35 cents for non-owner occupied)
to a new structure, that raises taxes to 50 cents to a dollar per $100, for owner-occupied purchases fo homes priced at $2M or more, and 60 cents to $1.25 for purchasers of these homes living elsewhere.
NEW 10 cents per $100 - Property Price $0-$599,999 (15 cents for non-owner occupied) 20 cents per $100 - Property Price $600,000 - $999,999 (25 cents for non-owner occupied) 30 cents per $100 - Property Price $1M - $1,999,999 (40 cents for non-owner occupied) 50 cents per $100 - Property Price $2 M - $3,999,999(60 cents for non-owner occupied) 70 cents per $100 - Property Price $4 M - $5,999,999(85 cents for non-owner occupied) 90 cents per $100 - Property Price $6 M - $9,999,999($1.10 for non-owner occupied) $1 per $100 - Property Price $10 M and up ($1.25 cents for non-owner occupied)
So, for a $2 Million owner-occupied home the conveyance tax would increase $6,000 to $10,000, or 67%. For a non-ower occupied home of $2M the tax would increase from $7,000 to $12,000, or 71%.
For a $10 Million owner-occupied home the tax would increase from $30,000 to $100,000, or 233%. For a non-ower occupied home of $10M the tax would increase from $35,000 to $125,000, or 257%.
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One of the things I look forward to the most with my annual subscription to Honolulu Magazine is the Kailua edition that comes out every April.
Last year, I was fortunate enough to be interviewed for the magazine's article, "Wanted: Kailua" by Catherine Toth, on Kailua real estate. They even featured a home that I sold and my clients in the article.
This year, the Kailua section featured the history of three very different Kailua families and 13 fun new things to do in Kailua. In the article "Kailua Generations," by Jenny Quill told stories of the Kanentake, Rodrigues-Pope and Peters families of Kailua. I found intriguing the historic photos, including a 1952 picture of Mount Olomana, and wonder what it must have been like here, in the "old days."
In the article on new things to do in Kailua, the writer, Ashley Hamershock, featured several new restaurants, merchants and activity providers, under the headings drink, eat, move and shop. I have tried several of the new places first-hand and found them to be quite good. In particular, Bob's Pizzeria, Crepes No Ka Oi, and Kailua Town Pub and Grill, all casual eateries, with pretty good prices. Of the merchants, I'd recommend Little Sprouts, the new Eco-boutique for kids, featuring green clothing and products, and the Sweet Paradise Chocolatier, with delicious and beautiful chocolate treats, even some handpainted tropical delights.
The last Kailua article in the magazine was my favorite, however, because it so distinctly depicts much of my experience living in Kailua. Entitled "New Year's Day," the writer, Rachel Ross, describes what makes Kailua so special. Stranded o New Year's Day with a flat tire, she hangs out for a while at the historical Kalapawai Market, just Mauka of the kitesurfing part of Kailua Beach, while the owner rides his bike home to get a pump to help fix her tire. She people watches (looking for Obama), interacts, and lives, even if for a brief moment in a "small town meets cosmopolitan" experience, which I completely understood. This is this specific location where I have my coffee almost every morning, so perhaps gives part an explanation of why I am so in love with Kailua.
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